China to remove foreign ownership restriction in all shipping Sectors

China is going to fully open its shipping market by removing foreign ownership restrictions in all shipping sectors and auxiliary sectors and promote the free trade zone policy into more regions in the country.

Recently, the Chinese government approved the establishment of a new free trade zone in Hainan province, following the setup of FTZs at Shanghai, Tianjin, Guangdong, Fujian and planned FTZs at inland provinces Sichuan, Henan and Hubei and Shaanxi.

In the past few years, China has already lifted foreign ownership restrictions in many shipping sectors including shipowning, shipmanagement, shipping agency, cargo handling and shipbuilding.

(Splash247)